Profile: Premier Exhibitions Inc (PRXI.O)
21 May 2013
Premier Exhibitions, Inc., incorporated on July 28, 2004, together with its subsidiaries is in the business of presenting to the public museum-quality touring exhibitions around the world. The Company develops, deploys, and operates exhibition products that are presented to the public in exhibition centers, museums, and non-traditional venues. As of February 29, 2012, the Company presented three different types of exhibitions: Bodies...The Exhibition and Bodies Revealed; Titanic: The Artifact Exhibition and Titanic: The Experience, and Dialog in the Dark. Income from exhibitions is generated primarily through ticket sales, third-party licensing, sponsorships and merchandise sales. March 6, 2012, the Company closed its Atlanta, Georgia Dialog in the Dark exhibition. The Company's New York City Dialog exhibition opened on August 20, 2011. The Company acquired an exhibit known as Titanic: The Experience in Orlando, Florida on October 17, 2011.
On April 20, 2012, Premier Exhibition Management LLC and its wholly owned subsidiary, PEM Newco, LLC (Newco), both subsidiaries of the Company, entered into a purchase agreement with AEG Live LLC, AEG Exhibitions LLC, and Arts and Exhibitions International, LLC pursuant to which Newco purchased substantially all of the assets of Arts and Exhibitions International, LLC (AEI). The assets purchased include the rights and tangible assets relating to four touring exhibitions known as King Tut II, Cleopatra, America I AM and Real Pirates. The Company's touring exhibitions usually span four to six months. The stationary exhibitions are longer-term engagements, which are located in New York, New York, Las Vegas, Nevada, Orlando, Florida, and Atlanta, Georgia.
As of February 29, 2012, the Company owned approximately 5,500 Titanic artifacts recovered from the wreck site 2 1/2 miles below the ocean's surface, which the Company has the right to present at its exhibitions. The Company's business is divided into an exhibition management subsidiary and a content subsidiary. The content division is the Company's existing subsidiary, RMST, which holds all of the Company's rights with respect to the Titanic assets and is the salvor-in-possession of the Titanic wreck site. These assets include title to all of the recovered artifacts in the Company's possession, in addition to all of the intellectual property (data, video, photos, maps, etc.) related to the recovery of the artifacts and scientific study of the ship.
Titanic: The Artifact Exhibition
The Company's exhibitions tell the Titanic's story from construction through her sinking and discovery, as well as the Company's efforts to preserve the wreck site and conserve recovered artifacts. The artifacts are placed in historically correct re-creations of the rooms onboard the ship and are illuminated by moving stories of her passengers and crew. Approximately 22 million visitors have attended the Company's Titanic exhibitions at venues throughout the world, including in the United States, Canada, Czech Republic, Germany, Norway, France, Greece, Japan, Switzerland, Chile, Argentina, China, Mexico, Hungary, South Korea, Spain, Brazil, the United Kingdom, Singapore and Australia. During fiscal 2012, the Company presented 8 separate Titanic exhibitions at 15 venues.
Titanic: The Experience
On October 17, 2011, the Company purchased the assets of a Titanic-themed exhibition (Titanic: The Experience or TTE) in Orlando, Florida. The Company has supplemented the exhibition with authentic Titanic artifacts from the Company's existing collections and also by including assets, such as three dimensional (3D) video exhibitry.
Bodies...The Exhibition and Bodies Revealed
The Company has the right to display multiple human anatomy sets, each of which contains a collection of whole human body specimens plus single human organs and body parts, which are known as Bodies Revealed and Bodies...The Exhibition. The Company secured the rights to produce these two types of human anatomy exhibitions through separate exhibition agreements. These specimens are assembled into anatomy-based exhibitions featuring preserved human bodies, organs and body parts to offer the public an opportunity to view the intricacies and complexities of the human body.
The exhibitions include displays of dissected human bodies, which are permanently preserved through a process called polymer preservation, also known as plastination. Using more than 200 specimens, each exhibition follows a systems-based approach to human anatomy, which examines the skeletal, muscular, nervous, digestive, respiratory, circulatory, urinary, integumentary (skin, sweat glands, hair, and nails), and reproductive systems. The Company's full-body specimens and individual organs were obtained through plastination facilities in China.
Dialog in the Dark
The Company's Dialog in the Dark exhibitions are intended to provide insight and experience to the paradox of learning to see without the use of sight. Small groups of visitors navigate this exhibition, with the help of blind or visually impaired guides, through a series of galleries immersed in total darkness and are challenged to perform tasks without the use of their vision. As of February 29, 2012, the Company operated two Dialog in the Dark exhibits located in Atlanta, Georgia and New York, New York.
Tutankhamun and the Golden Age of the Pharaohs
The exhibition includes an array of possessions unearthed from Tutankhamun's tomb, including King Tut's golden canopic coffinette and the crown found on his head when the tomb was discovered. Attendees learn about the extraordinary discovery of King Tut's tomb and the belief and burial processes of Ancient Egypt, and view results from the latest scientific testing conducted on King Tut's mummy. As of February more than seven million visitors had attended the exhibition to date.
Cleopatra: The Exhibition
Artifacts and multi-media atmospheres give visitors a front-row seat in the riveting present-day quest for Cleopatra VII, which extends from the sands of Egypt to the depths of the Mediterranean Sea. More than 150 artifacts from Cleopatra's world represent facets of her elusive history, from her family to the places she lived, walked and worshiped. These artifacts are on view in the United States, bringing with them new insights into the tragedies and triumphs of leaders in history.
The Company’s Real Pirates tells the compelling story of the Whydah, the authenticated pirate shipwreck in United States waters, and the stories of the people whose lives converged on the vessel. The exhibition features more than 200 authentic items recovered from the Whydah - real treasure last touched by real pirates. Ranging from canons and coins and from the ship's bell to personal items that the pirates wore, visitors are given a glimpse into economic, political and social circumstances of the early 18th-century Caribbean.
America I AM: The African American Imprint
This traveling museum exhibition celebrates the extraordinary impact of African Americans on the Company's nation and the world. From the first Africans who arrived in Jamestown to the nation's first black president, this exhibition takes visitors from all walks of life on an emotional journey through history. The exhibition includes artifacts, documents, multimedia, photos and music.
Premier Exhibitions Inc
Suite 900, 3340 Peachtree Road,
ATLANTA GA 30326